News Topic: Enforcement actions

The federal agencies said in a recent statement that “guidance does not have the force and effect of law,” but two trade groups say that standard should be more binding. ... Read full article

Under the Obama administration, the OCC quietly prevented JPMorgan Chase from opening branches in new states as punishment for violating banking rules, according to sources. ... Read full article

Hope Hardison, the chief administrative officer, and David Julian, the chief auditor, were placed on leave Wednesday after they received the letters, which indicated the comptroller's office plans to pursue sanctions againts them, a source says. ... Read full article

Hope Hardison, Wells Fargo's chief administrative officer since 2015, and David Julian, its chief auditor since 2012, have both been removed from the bank's operating committee and begun leaves of absence in the latest fallout from the ... Read full article

The civil money penalty from the Office of the Comptroller of the Currency follows a 2015 consent order against the bank, which became a subject of federal questioning after it suspended its business with check cashers. ... Read full article

The bank failed to tell investors that the success of its cross-selling was built on “sales practice misconduct at the bank,” the state attorney general said. ... Read full article

The groups argue the proposal, which would provide certain legal safe harbors to participating companies, exceeds the CFPB’s statutory authority and would put consumers at greater risk. ... Read full article

Mary Mack, the head of consumer banking at Wells Fargo, said Thursday the San Francisco bank has made significant progress in fixing its culture after a series of scandals over the past two years. ... Read full article

The agency alleges that some customers made payments to the e-commerce group even though their accounts had already been sold to third-party debt buyers. ... Read full article

Senate Democrats on Wednesday called for acting CFPB Director Mick Mulvaney to reveal the vetting process that led to the hiring of a political appointee whose past incendiary writings have caused an uproar at the agency. ... Read full article

The head of the National Treasury Employees Union said the appointment of Eric Blankenstein to a senior role “reflects poorly on CFPB management.” ... Read full article

Eric Blankenstein, a political appointee overseeing fair-lending policy at the agency, said in an email to staff that his blog posts from 14 years ago that used a racial epithet “reflected poor judgment.” ... Read full article

A growing chorus of CFPB employees are arguing that Eric Blankenstein, policy director of supervision, enforcement and fair lending at the CFPB, cannot be trusted to do his job fairly given his past blog posts. ... Read full article

The head of the agency’s fair-lending office cast doubt on a proposed reorganization of her office and raised concerns about blog posts written years ago by the political appointee overseeing the project. ... Read full article

A liberal advocacy group says a Trump political appointee at the CFPB must resign after the Washington Post reported the official once called most hate crimes hoaxes. ... Read full article

The consumer bureau alleges Future Income Payments lured vulnerable consumers into taking out high-cost loans in exchange for their future pension payments. ... Read full article

The N.J. firm, which made loans to Sept. 11 first responders and pro football players diagnosed with brain injuries, was accused of usury. But a judge threw out the case, ruling that the New York attorney general lacks jurisdiction. ... Read full article

Scott Powell, the CEO of Santander Holdings USA, has spent years contending with a host of regulatory problems. He outlined a long-range vision that includes a branch-focused retail push and possible acquisitions. ... Read full article